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Suffolk Building Society Solicitor Panel Assistance:
What are the Suffolk Building Society conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
You must also comply with the terms and conditions of your Suffolk Building Society solicitor panel appointment.
Are there conditions, outside the BSA Mortgage Instructions, that a
firm should be aware of when on the Suffolk Building Society
conveyancing panel?
In order to be on the Suffolk Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Suffolk Building Society) are as follows:
- To quote on all communications with us relating to registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
- Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- To forward the title deeds and documents to another conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
- That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
Who do building societies allow to be on their conveyancing panel?
In the same way that there is a unique Suffolk Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.
Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on a number of lender panels including the Suffolk Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Am I supposed to mention these Terms?
The key here is the caveat ‘more onerous’.
You have to try and take an objective view as to whether the Terms relating to the Suffolk Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.
I have been a sole practitioner for approximately 20 years with a clean claims history and have been refused acceptance on the Suffolk Building Society conveyancing panel with no explanation. Am I not entitled to a reason?
Participation on the lender's panel of conveyancers is at the absolute
discretion of the the lender. The days of open panels are now long
gone. Many lenders reserve the right to accept or reject any
application without giving any reason. You should check your original
application to join the Suffolk Building Society conveyancing panel
to see if you are entitled to a reason.
Can the BSA assist me in an appeal having not been accepted onto the Suffolk Building Society conveyancing panel?
If you have not been accepted or indeed been removed from the Suffolk Building Society conveyancing panel then the BSA will not have any part to play in influencing Suffolk Building Society in changing their mind. Please contact us here at Lexsure so that we can put you in touch with a consultant who may be able to assist. At the very least it’s worth a call to us.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Were are a Hendon-based firm on the Suffolk Building Society conveyancing panel. Do you have ideas as to how we can market our practice as specialists in conveyancing in Hendon authorised to act forSuffolk Building Society?
9 potential conveyancing clients search for a conveyancing practitioner on the Suffolk Building Society panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be found by those searching for conveyancing in Hendon.
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Average number of days to register title including a charge in favour of Suffolk Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [no data] |
| 2018 | [no data] |
| 2017 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
